Donald Trump Falls 220 Spots on ‘Forbes’ Billionaire Ranking

Every year, Forbes Magazine releases its annual Billionaires list — yes, featuring the richest of the rich — with familiar names like Bill Gates, Warren Buffett, and Richard Branson often hovering up top. Another familiar name usually on that same list? Donald Trump. However, this year, President Trump slid faster down the list than you'd slide into your crush's DMs, with Forbes reporting that the 45th President of the United States lost one billion dollars last year. Ouch, right?

However, it's not like President Trump is worthless — at the time of publication, he is worth approximately $3.5 billion, falling to the 544th spot on the list, over 200 spots, from No. 324, according to the Washington Post. Because while yes, he did technically resign from working at his businesses while holding the office of the president, he still maintains ownership of them, contributing to his pretty massive net worth. What contributed to his billion dollar loss, though, was the copious amount of real estate he owns in midtown Manhattan in New York City, including Trump Tower itself.

“Midtown Manhattan real estate is down; therefore, so is Donald Trump’s fortune,” the magazine said in a statement.

Naturally, as you'd expect, Trump has debated the validity of the Forbes annual financial reports in the past, but the editors at Forbes stand by their research methodology and incredibly diligent reporting. “As we wrote in our cover story on the president’s net worth 18 months ago, Donald Trump has been trying to spin his Forbes valuation for more than three decades. In the early years, editors even joked about the ‘Trump rule’ — take what he claims and divide by three,” said Randall Lane, the editor of Forbes. “Every year Forbes goes through his assets line by line, speaking with dozens of experts about market values — and hearing out Trump and his team...we are very comfortable with our estimates for Trump’s tangible holdings, which also factor in things like debt and partnerships, as well as current market conditions.”

Although we haven't heard from President Trump on Twitter just yet about the finance report, he did tweet congratulatory wishes to his son Eric (who is running the Trump Organization's day-to-day operations while Donald is in office), as he and his wife are expecting a son.